Rio Tinto seeks UN support at Simandou
Anglo-Australian mining giant Rio Tinto just approached UN Capital Development Fund for help developping projects for the local population around the enormous Simandou iron deposit in Guinea.
Conglomerate group subsidiary Metalcorp is notably blaming the West African sanctions on Conakry for its failure to make a repayment on a bonded debt. But in reality, its affiliate Societe des Bauxites de Guinee's financial and commercial problems have little to do with it.
Among the potential buyers for the Alteo alumina refinery in Marseilles, currently in administration, is Monaco Resources, whose founder Axel Fischer was previously convicted in Germany for mismanagement of an aluminium factory.
The state company responsible for marketing Guinea's national mining output, Soguipami, is hoping a local subsidiary of the omnipresent Monaco Resources will help increase its sales, though the Monegasque firm has had trouble getting its projects off the ground in the country.